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of <h1>Finance Bill 2023: New Time Limits for Customs Settlement Orders Under Section 127C, Extensions Possible with Justification.</h1> Clause 124 of the Finance Bill, 2023 amends section 127C of the Customs Act by introducing sub-section (8A). This new provision mandates that an order under sub-section (5) must be issued within nine months from the application date under section 127B. If no order is issued within this timeframe, the settlement proceedings will abate, and the adjudicating authority will handle the application as if it was never made. The Settlement Commission may extend this period by up to three months with written justification. For pending applications, the nine-month period begins upon the President's assent to the Finance Bill, 2023.
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